The deal strengthens collaboration between French and U.S. energy majors, aiming to unlock new resources in Nigeria’s West Delta basin….
TotalEnergies announced on Monday that it will sell a 40% stake in two offshore exploration licenses in Nigeria to Chevron, in a move designed to deepen collaboration between the French and U.S. oil giants.
“This new joint venture aims at derisking and developing new opportunities in Nigeria … to unlock new resources in the West Delta basin,” said Nicola Mavilla, Total’s Senior Vice President of Exploration, in a statement reported by Reuters.
Nigeria remains a key market for TotalEnergies, contributing over a third of its African oil and gas production and 8.5% of its global hydrocarbons output, though production in the country has declined by roughly a quarter over the past 20 years.
Under the terms of the deal, TotalEnergies will continue as the operator of the sites, holding 40%, alongside Chevron, also with 40%, and South Atlantic Petroleum at 20%. The move is part of TotalEnergies’ strategy to streamline its African portfolio, focusing on assets it operates while exploring new supply opportunities.
The transaction follows an earlier partnership between the two companies in June, when Chevron sold Total a 25% interest in a portfolio of 40 U.S. federal offshore leases, strengthening exploration collaboration between the energy majors.
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